Spotify (NYSE:SPOT) Stock Price Up 0.2%

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Spotify (NYSE:SPOT)’s share price rose 0.2% during mid-day trading on Wednesday . The stock traded as high as $133.95 and last traded at $130.01, approximately 24,263 shares were traded during trading. A decline of 99% from the average daily volume of 1,745,681 shares. The stock had previously closed at $129.69.

SPOT has been the topic of several recent research reports. Evercore ISI dropped their target price on shares of Spotify from $115.00 to $110.00 and set an “underperform” rating on the stock in a report on Wednesday, February 5th. Pivotal Research dropped their target price on shares of Spotify from to and set a “hold” rating on the stock in a report on Thursday, February 6th. Nomura reiterated a “buy” rating and set a $180.00 target price on shares of Spotify in a report on Monday, January 6th. Canaccord Genuity reiterated a “buy” rating and set a $185.00 target price on shares of Spotify in a report on Thursday, February 6th. Finally, Barclays dropped their target price on shares of Spotify from $190.00 to $180.00 and set an “overweight” rating on the stock in a report on Thursday, February 6th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $160.90.

The stock has a market capitalization of $22.27 billion, a PE ratio of -57.12 and a beta of 1.61. The firm’s fifty day moving average price is $138.73 and its two-hundred day moving average price is $137.90.

Spotify (NYSE:SPOT) last posted its earnings results on Wednesday, February 5th. The company reported ($1.14) earnings per share for the quarter, missing the consensus estimate of ($0.48) by ($0.66). The firm had revenue of $1.86 billion for the quarter, compared to analysts’ expectations of $1.89 billion. Spotify had a negative net margin of 2.69% and a negative return on equity of 8.68%. Spotify’s revenue for the quarter was up 24.1% compared to the same quarter last year. During the same period last year, the firm earned $0.36 earnings per share. Analysts anticipate that Spotify will post -1.29 EPS for the current year.

Several large investors have recently bought and sold shares of SPOT. Macquarie Group Ltd. acquired a new stake in Spotify in the 4th quarter valued at $5,602,000. Franklin Resources Inc. boosted its stake in Spotify by 0.6% during the 4th quarter. Franklin Resources Inc. now owns 393,789 shares of the company’s stock worth $58,891,000 after purchasing an additional 2,176 shares during the last quarter. Nuveen Asset Management LLC boosted its stake in Spotify by 1.1% during the 4th quarter. Nuveen Asset Management LLC now owns 449,895 shares of the company’s stock worth $67,282,000 after purchasing an additional 5,064 shares during the last quarter. Norges Bank acquired a new stake in Spotify during the 4th quarter worth $204,661,000. Finally, Verus Capital Partners LLC acquired a new stake in Spotify during the 4th quarter worth $59,000. 53.93% of the stock is owned by hedge funds and other institutional investors.

About Spotify (NYSE:SPOT)

Spotify Technology SA, together with its subsidiaries, provides music streaming services worldwide. It operates through two segments, Premium and Ad-Supported. The Premium segment offers commercial-free music services to subscribers comprising unlimited online and offline high-quality streaming access to its catalog.

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